Sen. Bernie Sanders (I-VT) has announced the American AI Sovereign Wealth Fund Act, legislation that would impose a one-time transfer of 50% of equity from OpenAI, Anthropic, xAI, and other major AI companies to a federally managed fund. The government would receive voting shares and equal board representation at each company, giving it formal power to block corporate decisions.

Sanders laid out the argument in a New York Times op-ed on June 1, writing that AI companies “built and trained their models using the creative work of millions of people” without permission or compensation. “Since AI is built on the collective knowledge of humanity, the wealth it generates must benefit humanity,” Sanders wrote, according to Fox Business.

What the Bill Would Do

The legislation targets a one-time 50% stock transfer, not a profits tax. The federal government would hold voting shares and receive equal board representation at each affected company. Revenue generated by the fund would flow as direct payments to Americans, with proceeds eventually supporting healthcare, education, and housing, according to Mashable.

Sanders cited Norway’s oil-funded sovereign wealth fund and Alaska’s Permanent Fund Dividend as models. Norway’s fund, however, caps its holdings at 10% of any individual public company, according to Fox Business. Sanders’ proposal at 50% goes five times beyond that precedent.

The Timing

The bill lands as three of its named targets prepare for public offerings. Anthropic filed a confidential S-1 at a reported $965 billion valuation. OpenAI is preparing its own IPO filing. SpaceX, which merged with xAI, is targeting a $75 billion IPO at a $1.75 trillion valuation. A 50% equity seizure ahead of these listings would restructure each company’s ownership table and cap table dynamics for underwriters, investors, and employees holding stock options.

What Remains Unresolved

Sanders acknowledged in the op-ed that the mechanics are still being worked out. Mashable noted several open questions: OpenAI has operated at a loss for most of its existence, meaning a sovereign wealth fund built on its equity wouldn’t generate dividends anytime soon. The bill’s scope is unclear for companies where AI is only part of the business, such as Microsoft, Google, and Amazon. Environmental costs of AI infrastructure receive no mention.

The Free Beacon reported that Sanders framed the tax as payable “with something far more valuable than that: the stock,” distinguishing it from conventional profit-based taxation.

Where AI Leaders Stand

Sanders pointed out that AI executives have endorsed versions of this idea in the abstract. OpenAI CEO Sam Altman has proposed a public wealth fund tied to AI-driven economic growth. Anthropic has called for national sovereign wealth funds holding AI equity stakes. Elon Musk has advocated for “universal high income” to offset AI-related job displacement, according to Mashable.

Endorsing a concept and accepting a 50% equity transfer are different propositions. None of the named companies have publicly responded to the specific legislation.

Agent Deployment Implications

Government board seats at OpenAI, Anthropic, and xAI would create a direct federal lever over agent infrastructure decisions. API access policies, safety requirements for autonomous systems, pricing structures, and deployment timelines for agentic products would all fall within the scope of a board member with blocking power. For builders shipping products on these platforms, the question is whether federal board representation translates to faster safety standardization or slower product cycles.

Sanders said the full legislation, including spending priorities and implementation mechanics, would be unveiled “in the coming weeks.”